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Friday, October 17, 2008

PRESS DIGEST - Indian Business News - Oct 17

MUMBAI, Oct 17 (Reuters) - Indian newspapers carried the following stories in their print or Web editions on Friday. Reuters has not verified these stories and does not vouch for their accuracy.


* The Securities and Exchange Board of India has rejected a plea from founders of Ranbaxy Laboratories Ltd (RANB.BO: Quote, Profile, Research) for a waiver of rules applicable to block deals through the stock exchanges.

* Venture capital firms invested $290 million across 49 deals, representing a 36 percent rise in volumes and 15 percent in value, compared to that of the same period of last year.

* Pyramid Saimira Group's Spize TV has acquired France Telecom's DTH operations in Europe. It would spend $15 million in the short term to integrate Spize TV and World TV Europe operations and has earmarked $50 million in the next 2-3 years.

* Larsen & Toubro (LART.BO: Quote, Profile, Research) is exploring the option of setting up a real estate mutual fund to expand its portfolio of financial services to the construction industry. A decision will be taken after the financial markets stabilise.


* Bharti Airtel (BRTI.BO: Quote, Profile, Research) could be one of the eight finalists for a 25 percent stake in the $1 billion Omantel, Oman's sole fixed line and internet service provider. Citigroup Global Markets (C.N: Quote, Profile, Research) and National Bank of Oman are the advisers.

* French firm Carrefour (CARR.PA: Quote, Profile, Research) has ended franchisee talks with India's MGF Developments Ltd without reaching a deal. With this, the French firm no longer expects to sign a franchisee partner in India in 2008.

* Kingfisher Airlines (KING.BO: Quote, Profile, Research) has requested state-run Airports Authority of India to defer payment of at least 2 billion rupees in owes for use of the airports the latter run.


* State-run Uco Bank (UCBK.BO: Quote, Profile, Research) plans to issue preferential shares worth 3.25 billion rupees to the government and float perpetual bonds worth 1.71 billion rupees, which the government will purchase to shore up the bank's capital adequacy ratio.

($1= 48.83 rupees)

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